Colorado investor pays $27M for Harbor Pointe apartments in Milwaukee

The 83-acre Harbor Pointe apartment property in northwest Milwaukee sold for $27 million to Colorado-based Monarch Investment and Management Group.

Harbor Pointe has 596 units in 42 buildings and boasts a private lake. Axiom Properties Inc., Bannockburn, Ill., sold the property after recruiting Marcus & Millichap Real Estate Investment Services to market it in April 2011, said Nicole Lockett, assistant to Matt Whiteside, vice president of investments who listed the building for sale. Whiteside, of Marcus and Millichap’s Brookfield office, brokered the deal with Scott Harris in the company’s office in Oak Brook, Ill.

The large property is across North 76th Street from Northridge Mall in Milwaukee. Chuck Lavezzi, Monarch asset manager, said the apartments are performing well and that Monarch likes the Milwaukee market. As for the shuttered Northridge Mall building across the street, he said, “with it being closed for so long now, any negative impact on the community we felt would have been felt years ago.”

For more information about the Harbor Pointe sale, see Friday’s issue of The Business Journal.